- eamonn@easylifecover.ie
A regular income if you’re unable to work due to illness or injury so you stay financially secure when it matters most.
Income protection insurance is designed to replace a portion of your income if you are unable to work due to medium or long-term illness or disability ensuring you can continue to meet your essential financial commitments.
Essential expenses it helps cover:
Max income replacement
Shortest deferred period
Paid until retirement age
A sudden illness or injury can happen to anyone. Here’s what your financial reality looks like with and without income protection in place.
Income protection insurance is designed to partially replace lost income due to medium or long-term illness or disability. To qualify for cover, you must be in paid full-time work or be self-employed. It does not cover redundancy.
The deferred period: what you should know
Insurers pay out only after the policy holder has been unable to work at their job for a certain period of time. You can take control of this by choosing the deferred period you think would best suit you. The typical periods are:
The shorter your deferred period, the higher your premium. For instance, if you choose cover to begin after four weeks of unavoidable unemployment, your premium will be higher than it would be if you had chosen a deferred period of 52 weeks. Before you make a decision on the deferred period, check if your employer offers sick pay and, if so, how much and for how long.
You may need income protection in Ireland if:
How do I get it?
The ideal situation when taking out income protection insurance in Ireland is as part of a group scheme, such as those provided in the workplace, as it is often cheaper and insurers require less detailed medical information in this scenario. If you take out an individual policy, it may be more expensive and you will likely need to give more detailed information to your insurance provider.
The cost of your premium and the income protection quote you receive will depend on factors such as:
There are other considerations to take into account, such as age, health, job type (some are considered riskier than others and, as such, cost more) and lifestyle.
If you are insured as part of a group, you will be paid a pre-agreed amount stated in the group policy. This is based on a proportion of your earnings minus any other payments you get when out of work, such as sick pay or social welfare disability.
If you have an individual policy, you have greater control over the amount you wish to be paid, should circumstances dictate. You can set the amount for which you want to be insured when you take out the policy, within limit. The maximum you can claim is usually 66% or 75% of your earnings before you became ill or disabled. This is minus other income you get when out of work, such as sick pay and the single person’s social welfare illness benefit, if you are entitled to it.
Your benefit payment will cease if:
You may not need payment protection insurance if you are entitled to other benefits, such as:
The younger you are when you take out a policy, the lower your premium will typically be locking in better rates for longer.
Higher-risk occupations typically carry higher premiums. Office-based roles generally attract more competitive rates.
Pre-existing medical conditions may affect your premium or the terms of your cover. Our advisors can help you navigate this.
You can typically insure up to 75% of your gross income. A higher level of cover will result in a higher premium.
Tailored specifically to your personal needs, income level, and occupation giving you full control over your cover.
Speak with an expert today free, no-obligation advice and a personalised quote.
Provided through your employer as part of a benefits package convenient, but with important limitations to be aware of.
Speak with our advisors and find the right cover for your needs simple, fast, and tailored to you.
